The service, for now, is in a beta version, with certain Xbox Game Pass Ultimate members being eligible for an invite-only pass starting on Tuesday, Microsoft's head of Xbox's cloud gaming service, Catherine Gluckstein, said in the blog post.
The cloud aspect lets users stream games without having to download them, provided their internet connections are fast enough, CNBC reports. The service will be available in 22 countries. Microsoft says it has plans to continue its rollout and invite new users.
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Here is a list of the technology stocks to watch and their performance by percentage change over the past five days through the close of trading on Tuesday, Apr. 20:
AppLovin | -7.41%
KKR-backed technology app platform company AppLovin (APP) - Get Report made its stock market debut this past week on the Nasdaq at $70 a share, 12.5% lower than its initial public offering price but still enough to raise $2 billion and put a market value on the company of near $30 billion.
Shares of AppLovin fell 18.50% to close at $65.20 at the end of its first day of trading.
The Palo Alto, Calif., company is the latest player in the mobile gaming industry to list itself on the stock market, as demand for video games surges among consumers staying at home during the COVID-19 pandemic.
Uber Technologies | -5.10%
The program enables Marriott Bonvoy members to earn points toward free nights at the company's hotels and home rentals through certain ride bookings on Uber and food deliveries on Uber Eats, the San Francisco ride-share company, and Bethesda, Md., hotel operator said.
Uber reported that bookings hit a record in March, and added that it expects to turn a profit before the end of the year.
TheStreet Quant Ratings rates Uber Technologies as a Sell with a rating score of D+.
Zoom Video Communications | -6.18%
Zoom Video Communications (ZM) - Get Report on Monday unveiled a $100 million venture fund to collaborate and build a larger ecosystem of apps and other hardware products, as the videoconferencing platform braces for a post-pandemic world.
Portfolio companies will receive initial investments between $250,000 and $2.5 million to build solutions that will become core to how Zoom customers meet, communicate and collaborate, the company said.
Last month, Zoom Chief Technology Officer Brendan Ittelson told The Wall Street Journal that the company would start selling its videoconferencing technology so other companies can embed it in their own products. The calls that users make via the Zoom app would still run over Zoom but wouldn’t carry the company’s brand.
TheStreet Quant Ratings rates Zoom Video Communications as a Sell with a rating score of D+.
Microsoft | -0.06%
Discord, the videogame-chat app, put an end to talk of a buyout by Microsoft (MSFT) - Get Report, a media report says. The app may instead decide on an initial public offering, knowledgeable sources told The Wall Street Journal.
Microsoft has been looking to expand its offerings in ways that will enhance its game- and subscription-focused businesses. The company was reportedly set to pay more than $10 billion for Discord, which had been talking to other potential buyers, too.
TheStreet Quant Ratings rates Microsoft as a Buy with a rating score of A.
Peloton Interactive | -13.01%
Peloton Interactive (PTON) - Get Report shares slumped lower Monday after consumer safety officials in the U.S. issued an 'urgent warning' linked to the fitness equipment maker's Treadmill+ following a spate of injuries, and one fatality, over the past month.
The U.S. Consumer Product Safety Commission (CPSC) said Saturday that "multiple incidents of small children and a pet being injured beneath the machines" preceded its formal warning, adding that its "continuing to investigate all known incidents of injury or death related to the Peloton Tread+."
Jim Cramer, the founder of TheStreet, said Peloton is not a buy and investors [who own it] need to sell the stock. "It's not going to necessarily knock the thing off the market but people who watch that video will say they like to have their kids workout with them etc but you will have to take to an isolation chamber if you want to use a Peleton," Cramer said. This incident is bad for sales, he added.
TheStreet Quant Ratings rates Peloton as a Sell with a rating score of D+.
IBM | +5.17%
The company reported first-quarter adjusted earnings of $1.77 a share on revenue of $17.7 billion. Analysts were expecting earnings of $1.69 a share on revenue of $17.32 billion.
TheStreet Quant Ratings rates International Business Machines as a Buy with a rating score of B-.
Shopify | -9.67%
Shopify (SHOP) - Get Report has noted that the pandemic has accelerated the secular shift toward e-commerce and away from legacy software platforms. Shopify's total addressable market for small businesses is estimated at $153 billion.
"This is a chance to buy this company well off its high. You want to own it," Cramer said of Shopify during a "Mad Money Lightning Round" this past week.
TheStreet Quant Ratings rates Shopify as a Hold with a rating score of C.
PayPal | -4.15%
The PayPal-owned (PYPL) - Get Report mobile payment company Venmo said Tuesday that it opened its service to buying, selling, and holding cryptocurrency directly within the Venmo app with as little as $1.
The service’s 70 million customers will be able to choose from four types of cryptocurrency: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, the New York mobile payment company said in a statement.
PayPal, Venmo's parent, has also been adding cryptocurrency features to its mobile payment service. The San Jose, Calif., company said it saw rates of users signing into its interface double when crypto features were introduced, Bloomberg News reports.
TheStreet Quant Ratings rates PayPal as a Buy with a rating score of B+.
Square | -9.92%
Square (SQ) - Get Report is among the list of largest publicly traded companies that hold Bitcoin, which also includes Tesla (TSLA) - Get Report, MicroStrategy (MSTR) - Get Report, and Coinbase (COIN) . Combined, the companies hold 152,093 Bitcoin valued at over $9 billion.
"I have always said that I think Square is terrific because it's willing to give you a piece of bitcoin. But my limited purview is the companies that are giving you the opportunity, and I favor them over those that aren't," Cramer said of the company this past week.
TheStreet Quant Ratings rates Square as a Hold with a rating score of C.
Okta | -0.15%
Shares of Okta (OKTA) - Get Report rose this past week after the maker of identity-management software reiterated its guidance for the year and introduced two new products that could expand its addressable market. The surge was also attributed to Okta's projected sales growth of 30% over the next three years, fueled by the shift to remote work.
The company expects revenue at the end of fiscal 2024 will be close to an annualized $2 billion, or about $500 million for the fourth quarter, Chief Executive Todd McKinnon said in an interview with Bloomberg News.
Okta this past week welcomed Steve Dodenhoff as SVP of Worldwide Partners and Alliances, reporting to Chief Revenue Officer Steve Rowland within Okta's Worldwide Field Operations. Dodenhoff will be responsible for Okta's go-to-market strategy, operations, and sales revenue across the global partner ecosystem.
TheStreet Quant Ratings rates Okta as a Sell with a rating score of D+.
Nvidia | -3.19%
Nvidia (NVDA) - Get Report shares were pressured Monday after Oliver Dowden, the U.K.'s secretary of state for digital, culture, media, and sport, said regulators were intervening in the semiconductor company's proposed acquisition of Arm Ltd.
The British government is looking at the Santa Clara, Calif., company's proposed $40 billion purchase of the British chip designer from Softbank Group SFTBY due to national security concerns
Nvidia shares at the last check were down 2.7% to $619.47, but the company has been on fire lately and has drawn the praise of analysts. For instance, Raymond James analysts recently raised their price target to $750 from $700 as they eye a rebound in enterprise spending and Nvidia’s new chip.
TheStreet Quant Ratings rates Nvidia as a Buy with a rating score of B.
Palantir Technologies | -3.77%
Palantir Technologies (PLTR) - Get Report, a security and data analytics provider, said earlier this month that it was selected by the National Nuclear Security Administration to provide its security platform and related services in an $89.9 million, five-year deal.
Under terms of the contract, the NNSA’s Office of Safety, Infrastructure and Operations said it will use Palantir for “effective knowledge management and data-driven decision-making” as part of a bigger project on safety, analytics, forecasting, and evaluation reporting, also known as SAFER.
The company's stock jumped following the deal and then faded. But with more companies and government agencies turning to technology to help solve their issues, Palantir has been in the spotlight since its public debut in September.